Lavish display celebrates 10th anniversary (hktdc.com)


	Fireworks explode over Victoria Harbour as Hong Kong celebrates its 10th Anniversary of the establishment of the HKSAR (photo credit: Reuters)

	President Hu Jintao (right) and HKSAR Chief Executive Donald Tsang at the third term HKSAR Government inauguration ceremony where he and his team are sworn in for a five-year term

	Hong Kong residents carrying the Chinese flags take part in a parade celebrating the 10th anniversary (photo credit: Reuters)

A spectacular display of fireworks lit up Hong Kong's Victoria Harbour as Hong Kong celebrated its 10th anniversary of the establishment of the Hong Kong Special Administrative Region (HKSAR) on 1 July 2007. The ten years have been anything but smooth as the HKSAR rollercoasted through financial and public health crises. But in true can-do spirit, Hong Kong rode the crest of challenges and emerged with its stock market nudging record highs and business confidence soaring in international markets. (Ten years on, confidence soars)

President Hu pointed out that Hong Kong has remained a free port and an international financial, trade and shipping centre during the past decade, and has consistently rated as the most open and free economy and one of the most dynamic regions with the best business environment in the world. He said this was attributed to the successful implementation of the "One Country, Two Systems" concept.

The president's address followed the swearing in of Chief Executive Donald Tsang and his new team for a five-year term at a ceremony held at the Hong Kong Convention and Exhibition Centre, the same venue where the British handed back Hong Kong to China a decade ago. President Hu called for a "full and accurate implementation of one country, two systems and the strict adherence to the Basic Law."

Chief Executive Donald Tsang said the Government will promote a new mode of economic development where the financial sector will be expanded and investment in infrastructure will be increased.

The first steps were taken when the Closer Economic Partnership Arrangement (Cepa) which is China's free trade agreement with Hong Kong was further expanded to promote closer economic integration a few days before the 10th Anniversary. Forty liberalisation measures were introduced in 28 service areas. The Shenzhen Bay Bridge which facilitates a faster and more efficient way to cross to southern China was also opened.

Perhaps the best testimony of Hong Kong's upbeat economy was summarised in the recent issue of Fortune magazine with headlines reading "Oops! Hong Kong is hardly dead" and "Well, we were wrong" referring to a mid 1995 cover story screaming "The death of Hong Kong". That story predicted that Hong Kong after the handover would lose its status as an international financial and business centre and that its fair trading ground would be eroded by corruption.

With Hong Kong being consistently voted the world's freest economy for the 12th consecutive year by the Heritage Foundation, that hardly seems to be the case.